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Exemption in Customs Duty to Raw Pearls, Precious or Semi-Precious Stones
(Other than Rough Diamonds) falling under Chapter 71
Customs
Notification No. 60 dated 7th June 2002
In
exercise of the powers conferred by sub-section (1) of section 25 of the Customs
Act, 1962 (52 of 1962), and in supersession of the notification of the
Government of India in the Ministry of Finance (Department of Revenue),
No.35/2001-Cus, dated 30-3-2001 [G.S.R. 231(E), dated the 30th March,
2001], the Central Government, being satisfied that it is necessary in the
public interest so to do, hereby exempts raw pearls, natural or cultured, and
precious or semi-precious stones (other than rough diamonds), unset and uncut,
falling under Chapter 71 of the First Schedule to the Customs Tariff Act, 1975
(51 of 1975), when imported into India, from the whole of the duty of Customs
leviable thereon under the said First Schedule and the additional duty, if any,
leviable thereon under section 3 of the said Customs Tariff Act, subject to the
condition that imports are made under a, -
(i) Replenishment Licence issued
under, and in accordance with, paragraph 4.4.1 of the Export and Import Policy; or
(ii) Gem Replenishment Licence issued under,
and in accordance with, paragraph 4.4.13 of the Export and Import Policy.
Explanation:
For the purpose of this notification, "Export and Import Policy"
means the Export and Import Policy, 2002-07 [1st April, 2002-31st
March 2007] published by the Government of India in the Ministry of Commerce
and Industry vide notification No. 1/2002-07, dated the 31st
March 2002, as amended from time to time.
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